Daily Ag Direction 8/15/24
Mixed bag across the grain complex this morning. Wheat was not able to hang on to overnight Black Sea headline risk gains and came under pressure after the nearby Sep contract failed to take out the 20 day moving average overnight. Export sales for wheat came in within the range of trade guesses at 399k mt. Better than last week's 274k but short of 568k this time last last year. Corn likewise showed some positivity in the overnight only to back off once the morning session got going. Corn spreads remain bearish with Sep-Dec stretched out to -20 and Dec-March at -18. Beans staying in the green so far as spec funds buy back their profitable pre-report shorts. Domestic processor demand reamains firm for beans ahead of harvest.
Sep KC wheat -3.5 at 5.42
Sep Chi wheat -1 at 5.34
Sep corn -2 at 3.79
Dec corn -1 at 3.9975
Nov beans +7 at 9.75
Aug feeders -.45 at 247.45
Aug live cattle +.075 at 184.675
If you have any questions please reach out to your CEA Risk Management Advisor and have a great day!
